The concept of customer centricity has been at the heart of business for as long they have existed, given the whole point of a business is to provide customers with products and services that match their needs and desires. However, over time some businesses have lost their ways. By concentrating all their energy on product, market share and competitors, some businesses have lost sight of the needs of their customers. As a result, the founding principle of business has now become the latest commercial ‘it’ topic.
So what does customer centricity mean in today’s world? Essentially, it’s about continuously gathering feedback to ensure your business is meeting the demands of your customers, as well as anticipating their future needs. However, this simple discipline is much easier said than done.
Your customers are only human, and what they say they want from your business will not necessarily reflect what they will actually purchase from you in future. Also, in today’s time-poor society, getting customers to stop and ponder about your business is hard enough, let alone to provide constructive feedback that will give your business a clear direction.
This is why market research must begin not with a focus of finding the right answers, but by first asking better questions. How can you uncover further improvement opportunities for your business, without asking the generic ‘satisfaction’ questions that only provide ‘surface level’ answers? How can we better predict the likelihood of future purchases that may be just as much of a surprise to the customer themselves as it is to the business? At which stage of the process do we need to gather customer feedback and input, and at which stages to focus on internal expertise? These questions are what make the art and science of market research thrilling. Have you ever uncovered a need that you never knew you had, during a conversation with an old friend? This is the level of depth that experienced market researchers can tap into, in order to deliver truly meaningful insights to your business.
It’s exciting to see that the business leaders of today have caught on to the need of shifting the focus back on customers. Campbell Hanan, CEO of Colliers has stated that upon reviewing their business structure and vision, they have reorganised their business around tenants and their corporate needs rather than their own corporate needs (Business First, January / February 2015). Peter Meek, CEO of Chobani Australia also reflects on importance of listening to and observing customers all the time, in order to come up with truly innovative products (Business First, January / February 2015). With businesses now recognising the true value of customer centricity, hopefully it will not remain just another industry buzzword for much longer…
If you want to learn more about how your business can become customer centric or about THINK Global Research, please contact Kristy Ihle (Managing Director): info@thinkglobalresearch.com.
